Financial Crimes: A Guide to Financial Exploitation in a Digital Age

Contents
Chapter 1: Human Trafficking and Profiteering: Analyzing Its Exploitative Angle Through the Financial Lens
Introduction
Human Trafficking
Types of Human Trafficking
Sexual Exploitation and Sex Trafficking
Exploitation of Labors
Exploitation for Forced Marriages
Illegal Activities
Exploitation for Organ Trade
Exploitation of Children
Online Exploitation for Trafficking
Human Traffickers and Their Strategies
How Do Traffickers Deal with Their Victims?
Perspectives of Human Trafficking: Various Types of Traffickers Involved in Trafficking of Persons
Modus Operandi Adopted by Traffickers for Trafficking
Recruitment
Transportation
Documentation
Exploitation
Motive for a Person to Become a Trafficker
Human Trafficking in India
Legal Framework Regulating Human Trafficking
Administrative Measures and Interventions
Conclusion
References
Books, News Articles, and Journals
Legislative Acts and International Conventions
Chapter 2: Nexus Between Illegal Wildlife Trade and Financial Crime: How to Counter It? A Case Study in Southeast Asia
Background
The Legal Framework for Regulation of the Wildlife Trade
The Link Between Illegal Wildlife Trade with Financial Crime
The Role of Private Sector to Follow the Money
The Legal Framework to Counter Illegal Wildlife Trade in ASEAN
Conclusion
References
Chapter 3: The Financial and Systematic Fraud: An Analytical Study
The Concept of Fraud and Financial Fraud
Definition of Fraud and Its Classification
Legislations Related to Fraud
Financial and Systematic Fraud
Types of Financial Fraud
Causes of Financial and Systematic Fraud
Reserve Bank of India and Regulations
Measures Taken to Combat Fraud
Measures Taken by International Organizations
Measures Taken in India to Combat
Approach to Fraud Risk Management
Conclusion
References
Chapter 4: Financial Crises in Sri Lanka: In Search of Reasons, Sufferings, and Way Forward
Introduction
Contextualizing the Study
Objectives, Research Questions, and Methodology
Financial Profile of Sri Lanka
Investigating the Recent Financial Crisis in Sri Lanka
Trade Policy
Misgovernance
Rampant Corruption
Wrong Agricultural Policy
Impact of COVID-19 on the Tourism Sector
Debt Trap of China
Impact of Financial Crisis in Sri Lanka
Scarcity of Fuel
Shortage of Foods and Disruption of Essential Services
Violent Anti-government Movements
Deficiency of Foreign Exchange Debt Defaulter
International Response to Sri Lankan Financial Crisis
Japan’s Response to Sri Lanka’s Financial Crisis
Policy Recommendations
Conclusion
References
Chapter 5: Controlling Corruption and Economic Crime in Developing Economies: A Critical Analysis
Introduction
Corruption and Economic Crime: A Wider Perspective
Economic Crime and Corruption in Emerging Countries: Causes and Consequences
Reducing Economic Crime and Corruption in Developing Economies
Combating Economic Crime and Corruption: The Situation of Emerging Economies
Conclusion
References
Chapter 6: Money Laundering Through the Arbitral Process: Controversial Issues Wait for Solutions
Introduction
United Definition of Money Laundering
Emerging of Money Laundering Through an Arbitral Process
Signals That Might Alert Arbitrators to Money Laundering Schemes
Money Laundering Warning Signs of Sham Arbitration Proceedings
Money Laundering Warning Signs of Money Laundering Defense
The Scope of Responsibility of Arbitrators
From the Counsel’s Perspective
The Fourth EU Directive on Money Laundering from an Arbitrator’s Perspective
How to Deal with Money Laundering in Arbitration When the Arbitrator Is Not Obliged to Report Its Suspicions Under National Law
Scenario of Sham Arbitration
Scenario of Money Laundering Defense
The Enforcement Stage
Applicable Norms of National and International Laws
Identify the Applicable Criminal Law
Apply the Money Laundering Rules Outlined in the Competent Criminal Law
The Efficacy of Transnational Public Policy
Methods of Seeking Evidence
Investigation of Alleged or Suspected Money Laundering on Arbitral Tribunal’s Own Will
Request Information from the Parties
The Burden and Level of Proof
Request Further Proof from One or Both Parties
Possibilities in Terms of Proof Standard
There Is No Requirement for First-Hand Evidence
Negative Inferences
Circumstances Led to Negative Inferences
National Criminal Proceedings
Dealing of Arbitrators with National Criminal Laws
Other National Criminal Proceedings
If Money Laundering Is Proven in Arbitration, There Will Be Legal Penalties
Legal Ramifications in Case of Sham Arbitration for Money Laundering Purposes
Legal Ramifications If a Serious Issue Involves Unlawful Finances
Conclusion
References
Chapter 7: Online Fraud
Introduction
What Is Online Fraud?
ATM and Debit Card Fraud
Menace to Society
Cybercrime: Threat to Society
Classification of Cybercrimes (Jahankhani, 2014)
Effects of Cybercrime (Pawar, 2021)
Different Types of Cybercrimes
Phishing (Dhamija, 2006, April)
Identity Theft (Anderson, 2008)
Types of Identity Theft
Types of ATM Fraud (Klerx, 2014)
Cybercrime Awareness
Cybersecurity
Types of Cybersecurity (Ben-Asher, 2015)
Measure
How to Avoid Online Fraud? (Cross, 2016)
Conclusion
References
Chapter 8: Cryptocurrency Fraud: A Glance into the Perimeter of Fraud
Introduction
Tokens
Bogus Investment Scams
Fake Crypto Trading Websites and Wallets
Pump-and-Dump Schemes
Romance Scams
Initial Coin Offering (ICO)
Trading Platform Freezing Wallets Without Legal Grounds
Investment Scams (Ponzi Schemes)
Fake Cryptocurrency Exchange
Fabricated Cryptocurrencies
Cryptocurrency Theft
Reading the White Paper
Recognize the Team Members
Searching for “Free” Items
Scrutinize the Marketing
Conclusion
Appendix
References
Chapter 9: Blockchain and Cryptocurrency Frauds: Emerging Concern
Introduction
Key Features and Uses of Digital Currencies
Concept of Blockchain Technology
Cryptocurrencies: Background and Development
Bitcoin: Concept, Uses, Possibilities
Evolution of ICOs (Initial Coin Offerings)
Analysis of Cryptocurrency Scams and Crimes
Common Types of Scams
Pump and Dump Schemes
Fake Websites
Phishing Scams
Giveaway Scams
Fake Apps
Fake Celebrity Endorsements
FTX Cryptocurrency Exchange Fallout
Anti-corruption Compliance Agenda
Conclusion and Suggestions
Chapter 10: Cyberspace and Economy: Analyzing the Impact of Contemporary Cyberthreats on the Global Financial Order
Introduction
Cybercrime
Cyber Espionage
Cyber Warfare
Cyberterrorism
Definition of Cyberterrorism
Terrorism and Its Impact on Cyberspace and Global Financial Order
Cyberspace and Economic Operations
Conclusion
References
Chapter 11: The Impact of Accounting Fraud Which Leads to Financial Crimes: Accounting Fraud
Introduction
Literature Review
Results and Discussion
The Concept of Accounting Fraud
The Theory of Fraud
Accounting Fraud Techniques
Accounting Fraud and Tax Evasion
Accounting Fraud Detecting
Fraud Detecting Methods
Creative Accounting Detecting Methods
Techniques for Providing Effective Protections to Accounting Fraud: Recommendations
Conclusion
References
Chapter 12: Models to Study the New Age Financial Crimes
Introduction
Past Studies on a Few Financial Cases (Table 12.1)
Understanding Fraud Triangle
Pressure
Opportunity
Attitude
Growth of Fraud Triangle
Extension to Fraud Triangle
Fraud Diamond
Fraud Pentagon
Fraud Scale
Fraud Circle
Hollinger Clark Theory
Usual Offenders/Culprits
Additional Theories to Study Frauds/FC
Theory of Convenience
The Convenience Triangle
Motive on Opportunity
Motive on Willingness
Willingness on Motive
Opportunity on Willingness
Willingness on Opportunity
Justification of Financial Crime
Conclusion
References
Chapter 13: The Regulatory Landscapes of Ponzi Schemes in India: With Special Reference to the State of Tamil Nadu
Introduction
Economic Offences and Ponzi Schemes
Courts Handling the Economic Offences Cases: Tamil Nadu
Establishment of Economic Offences Wing II in Tamil Nadu
Roles of Economic Offences Wing II
Case Study on Tamil Nadu on Ponzi Schemes
The Jurisdiction and Effectiveness of Special Courts for TNPID
The Actual Procedure to Function Deposit Schemes in India
Conclusion
Index